Hundreds

International Desk: Hundreds Gold smuggling from Africa has increased over the last few decades. Hundreds of tons of gold worth billions of dollars are smuggled out of this continent every year.

Most of the smuggled gold goes to the UAE. This information has emerged in a report published on Thursday.

According to an analysis by SwissAid, in 2022, 435 tons of gold was smuggled out of Africa, with a value of $30 billion. Most of this gold is mined by small-scale miners. Reuters reports.

According to SwissAid, the main destination for gold trafficked from Africa is the United Arab Emirates.

In 2022, 405 tons of gold was smuggled into the country. Over two and a half thousand tonnes of smuggled gold has gone to the UAE in the last decade. The company says its financial value is more than $115 billion.

The agency’s report identifies Dubai as an international hub for African gold trading. These gold later went to different countries including Switzerland. Gold goes by plane to Dubai. Gold is carried in luggage. In addition to regular flights, private jets are also used.

Asked about the details of the report, UAE officials said the country had taken important steps to address concerns about gold smuggling and was imposing new regulations on gold and other precious metals.

A 2019 Reuters investigation also f

ound that billions of dollars worth of gold is smuggled from Africa to the UAE every year. The country is acting as a gateway to Europe, USA and other markets.

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Governments and experts warn that gold smuggling on this scale indicates a large parallel illicit economy, potentially vulnerable to money laundering, terrorist financing and sanctions evasion. There is also the issue of revenue evasion.